FinTech News
Wells Fargo Announces Expanded Availability of LifeSync Feature
Wells Fargo has announced that its bringing a new feature to more of its digital banking customers.
About LifeSync:
Originally launched to Wells Fargo Wealth & Investment Management earlier this year, LifeSync has now rolled out to all consumer customers. With this feature, users can create financial goals as well as track their progress. Among the personalized information that the LifeSync feature provides are account summaries, FICO credit scores, and credit card reward balances, while a news feed section will also give customers relevant content.
Wells Fargo also notes that LifeSync integrates with the banking branch experience. For example, customers may discuss money goals with a banker and be able to track them with LifeSync. Alternatively, users may wish to follow up with Wells Fargo associates regarding a goal they first set up in the app.
To access LifeSync, customers can navigate to the Explore tab of the Wells Fargo app.
What they’re saying:
Announcing the roll-out, Wells Fargo’s head of Advice and Planning Michael Liersch stated, “Expanding availability of LifeSync to our consumer customers is the first proof point in Wells Fargo’s strategic delivery of digital-first, personalized financial advice and planning offerings.”
He added, “Since it launched earlier this year, LifeSync has delivered on its promise to enable WIM clients to more easily share their goals with their advisor, see how they’re progressing toward them in real-time, and deliver relevant content and context to better understand what’s influencing those goals. We are thrilled to expand the LifeSync experience to millions of consumer customers this fall.”
Additionally, speaking to how the expansion also speaks to Wells Fargo’s digital banking goals, head of Consumer and Wealth & Investment Management Digital Michelle Moore said, “Since redesigning our mobile app, including launching new features like our Fargo virtual assistant, customer satisfaction and usage are growing exponentially. This expanded availability of LifeSync builds on that momentum by providing meaningful money guidance to help our customers feel supported in reaching their financial goals.”
My thoughts:
To their credit, I have noticed a number of FinTech feature updates from Wells Fargo in recent years. As Moore mentioned, my app recently saw the addition of the Fargo assistant (although I have yet to actually try it) in addition to some other upgrades. Therefore, while I wouldn’t say that the company’s efforts are on the same level as some startups, it does seem as though they’re trying to incorporate these types of features while also leveraging the aspects of their business that FinTechs can’t compete with such as branch locations. Ultimately, while LifeSync may or may not be a hit, its rollout is further evidence of Wells Fargo’s digital efforts.
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